One of the minor Chinese EV makers, Chery, achieved 120% sales growth in July. This is a very encouraging sign as Chery mainly produces mini EVs which was hit hard due to new subsidies introduced in June. We knew for sure that large sized EVs are getting more subsidies after June and their June sales grow very very fast due to more subsidies and newer/better styled models coming up since March/April. Some time next week, we will get a full picture of China EV sales figure. A recovery of mini EVs and fast growing large EVs seemed quite likely now.
AJM Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
